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If you own a residential property you are renting in Austin, TX, do not assume that your homeowner’s insurance will cover all costs associated with a disaster, accident, or other damaging incidents. It’s highly likely that your homeowners’ insurance policy will only cover owner-occupied homes. As soon as the room is rented out, the coverage no longer applies, and the landlord is responsible for 100% of the costs associated with damages. Luckily, landlord insurance is able to help and includes three key components. Armadillo Insurance Agency can assist you with the details.
Coverage Provided By Landlords Insurance
- Property Damage: This coverage kicks in when your rental property or furnishings are destroyed or damaged in a covered incident such as a fire, natural disaster, electric/gas issue, vandalism, or irresponsible tenants. When searching for a landlord insurance policy look for one that offers replacement cost protection instead of the actual cash value to protect you best.
- Lost Rental Income: If your rental property becomes uninhabitable because of a covered incident, this coverage offers rental reimbursement to cover the rent money you typically receive if tenants are living in residence.
- Liability Protection: Covers the legal and/or medical costs if a tenant or visitor is injured at your rental due to a property maintenance issue or neglect.
In addition to the three core pieces identified above, landlords have the option to purchase additional coverage for extra peace of mind. The most popular of these add-ons include guaranteed income insurance whereby, if the tenant fails to pay rent or pays less than the amount owed, this policy will cover the difference.
Give the Armadillo Insurance Agency a call for more information on landlord insurance in Austin, TX. We’ll take the time to answer all your questions and customize a policy that best meets your needs.